Right, Average Joe should be happy. But what about his neighbor, Average Bob, who bought in house in 2006 for $225,000 and still owes $200,000 on a house now worth $175,000?

I agree.. anyone who's not a homeowner and anyone who bought their first home later in the boom if f-ed..

I guess I thought it was surprising that many homeowners might actaully make a good profit on this blowup.

Part of the reason I brought this up was a friend was bitching that he's lost alot of $$ on his house. He bought in the late 1990's... I argue that if the pricing fall stops soon, he's made quite a bit of $ that he shoulden't have..